Esterline Technologies Inc. (ESL), a parts supplier for the aerospace and defense industries, jumped the most since October after raising its forecast for 2012 earnings.
Profit will be in a range of $5.10 to $5.40 a share, up from a range of $5 to $5.30 in a Dec. 8 projection, Esterline said late yesterday. Earnings excluding some items for the quarter that ended Jan. 27 were 98 cents a share, beating the 75-cent average estimate of six analysts surveyed by Bloomberg.
Esterline, based in Bellevue, Washington, rose 7.3 percent to $68.87 at the close in New York, extending the shares’ advance to 23 percent this year. That is the third-largest gain among 29 stocks in the Standard and Poor’s Supercomposite Aerospace & Defense Index.
Aerospace suppliers have been rushing to meet increased demand as manufacturers such as Boeing Co. (BA) boost output of commercial jets. Esterline’s biggest customers are the U.S. government, Boeing and defense contractor Lockheed Martin Corp. (LMT), according to data compiled by Bloomberg.
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